proceeding the West Bengal Financial Corporation (hereinafter referred to as "WBFC") took notional possession of the plant and machinery of the company ... formal possession was taken on December 8,1998.
4. WBFC made an application inter alia asking for leave to sale the assets of the company
debtor, Inter alia, against its creditor respondent-West Bengal Financial Corporation (WBFC). Petitioner has questioned annexure D dated 26.11.1996 being notice Issued under Section ... interest payable.
4. Annexure 'A' is the letter of WBFC sanctioning the loan and specifying therein terms and conditions upon which the loan
then invited to the letter dated 7th of June, 2004 sent by
WBFC to petitioner No. 1 (at page 36 of the writ petition ... petitioners could not produce any such
communication so as to indicate that WBFC agreed to reduce the rate of interest in respect
of four accounts
follows:
2. The respondent No. 1 the West Bengal Financial Corporation (WBFC for short) and the respondent No. 4 the West Bengal Industrial Development Corporation ... pages 150-155 of the writ petition containing demands made by WBFC for payment and in default thereof proposing to take measures for recovery. These
advertisement, published at the instance of West Bengal
Financial Corporation (hereafter WBFC), inviting offers for sale of assets of M/s.
S.P. Cycles Limited ... crores which was adjudged highest. Due to pending court
cases, WBFC was unable to complete sale of the said assets. However, with the
dismissal
January, 2014.
Mr. Aniruddha Mitra, Advocate appears.
Mr. Amiya Kr. Sur for WBFC.
Mr.Susanta Kr. Dutta for Official
Liquidator.
The Court : This application ... erstwhile owner as per the sale deed dated 6th April, 2006. As WBFC is
the owner of the plant and machinery and stocks lying
action of the respondent West Bengal
Financial Corporation (hereinafter referred to as WBFC) under
Section 29 of the State Financial Corporation Act, 1951. The
applicant ... writ petitioner/applicant was unable
2
to maintain the repayment schedule, the WBFC initiated proceedings
under Section 29 of the Act. The aforesaid issuance
enter into possession as the appellants failed
to discharge their liability towards WBFC. The notice under
Section 29 was challenged by the appellants by filing ... Leave Petition filed by the appellants on February 8,
2008. Hence, the WBFC entered into possession after being armed
with the Court order. They
Pramanick, Advocate
for the appellant.
Mr.A.K. Sur, Advocate
for the WBFC.
Mrs.Smita Das De, Advocate
for the Official Liquidator.
The Court ... aware of the address of the purchaser.
According to him, neither the WBFC nor the official liquidator furnished
him the particulars. The sale has already
Somali Mukhopadhyay, Adv.
..for the petitioner.
Mr. Gaurab Kr. Basu, Adv.
..for WBFC.
The Court: On March 13, 2014 Mr. Basu, learned Advocate for
WBFC ... purpose of execution
of sale deed had already been paid to WBFC on 13th May, 2014. Ms.
2
Mukhopadhyay further submits that the petitioner
